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Assets Cash & Bank Accounts at Time of Bankruptcies: M&K Christine - estimated Pension & Profit sharing plans at time of Bankruptcies: M&K Property: M&K Home in Powell, WY Janelle - 1 acre Payson, UT Janelle - 152 acres, WY Personal Property: M&K Household Goods M&K clothing M&K Tools of the Trade (Karaoke, sound system, portable stereo, stands, miscellaneous show props) M&K Clothing, furniture & toys held for 3rd parties (7 children) Janelle - furniture, clothing & household linens Christine - furniture & effects Christine - clothing & jewellry Christine - pets Vehicles: M&K 95 Isuzu Trooper M&K '97 VW M&K 94 Toyota Janelle - '91 Nissan Stanza Total Assets at time of Bankruptcies II. Debt A. Secured Debt M&K 1st Mortgage on home in Powell, WY (home value $90K) M&K 2nd Mortgage on home in Powell, WY (home value $90K) M&K VW car loan (car value $5688) M&K Isuzu & Toyota car loan (car values $1500 + $2000=$3500) Janelle - '91 Stanza (car value $4995) B. Priority Claims Janelle - student loan C. Unsecured Debt (a) Medical Debt M&K Christine (b) Credit Card / Consumer Purchases M&K Janelle Christine
$35.00 $45.00 $1,900.91 $90,000.00 $4,588.00 $9,000.00 $2,671.00 $898.00 $275.00 $414.00 $225.00 $970.00 $565.00 $10.00 $1,500.00 $5,688.00 $2,000.00 $4,995.00
$3,628.88
(c) Collection Agencies (I will not list the same debt twice) M&K (d) Other: overdraft protection, M&K - overdraft protection Christine - student fees Christine - Installment Travellers Bank subtotal Total unsecured debt Total Debt III. Net Annual Income at time of Bankruptcy (i.e. Take home pay) M&K Janelle Christine
Analyis: The Browns continuously run in the red month to month and make no provision to pay their c or their taxes. They also make no monthly provisions for health or home insurance. Their current lev given their incomes, is only sustainable by continuing to file bankruptcies.
What I did and did not see in the list of expenses: M&K: Meri & Kody's mortgages were 1.5 times the vaue of the home $325 monthly for Charitable Contributions, which equals $3900 per year Charitable contributions per month exceed food budget No health insurance payments, either via work or of own accord - for anyone (Meri, Kody, Janelle or Ch Cost of operating business (karaoke equipment?) was 3.5 times income received No funds set aside monthly for property taxes & no house insurance, yet $200/month spent on cell, ph M&K are $1288 in the hole every month (expenses exceed income by $1288 monthly) M&K's monthly expenses only a monthly credit card debt instalment payment, not what they were ac M&K - some debts were listed several times over as being in collection, which inflated the amount of d
Janelle: Janelle had no money to her name when she declared bankruptcy (nothing in the bank, her purse or h Charitable contributions per month almost equal her food budget No health or renters insurance payments Janelle is the only one of the 3 filers whose monthly income exceeded expenses. She did this by runn
Christine: Christine's forms noted that a companion paid certain expenses (e.g. Rent, Utilities & Auto Insurance) Christine is listed as owning no vehicle in 2010.
$80.00 $1,900.91
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$6,028.00
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$3,628.88
$4,373.99
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$4,828.00 ###
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ake no provision to pay their credit card debt me insurance. Their current level of expenditures,
yone (Meri, Kody, Janelle or Christine) received et $200/month spent on cell, phone & cable 1288 monthly) yment, not what they were actually running up in credit card debt. I believe this is the reason so much debt wa which inflated the amount of debts owed
xpenses. She did this by running up credit card debt and including $0 monthly credit card payments in her list